Realtors Join Business Roundtable in Calling for Renewed Focus on Housing Stabilization

RISMEDIA, June 12, 2009-In response to yesterday’s announcement of the Business Roundtable’s five recommendations for housing stabilization, the following is a statement by National Association of Realtors® President Charles McMillan:

“NAR and our 1.2 million members applaud the Business Roundtable for its sound policy recommendations put forth to reinvigorate our nation’s housing market. The proposal they announced today is consistent with the recommendations NAR has advocated and reflects the critical need to continue efforts to bring stability to the housing market.

“As President Barack Obama, U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke have all noted, there can be no economic recovery without stabilization in the housing market. We believe NAR’s recommendations, along with those from other groups like BRT, are necessary and need to be implemented quickly.

“NAR has called on Congress and the Obama administration to expand the first-time home buyer tax credit to all home buyers, regardless of income. In addition, it is imperative to maintain mortgage interest rates below 5%, make the loan limit increases permanent, and strengthen foreclosure mitigation and loan modification efforts. These are all actions that BRT is fully supporting and we welcome their involvement.

“We look forward to working with the BRT and urge Congress and the administration to continue to put measures in place to reduce foreclosures and housing inventory, and stabilize home values.”

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